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Cardoso to unveil monetary agenda, tackle impediments to FX liquidity crisis



FG spends N912.32bn to service loans from CBN in Q1 2023
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Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso has given an insight into what the apex bank will do to manage the economy.

He said plans are afoot to formally unveil his agenda for the monetary and financial sector in the days ahead.

Addressing a group of investors in his office on Thursday, Cardoso said that the CBN will do all within its powers “to address identified distortions and ensure a conducive atmosphere for different categories of investors”.

READ ALSOCBN defaults on $10bn FX backlogs to bank as Naira slumps further

He noted that under his leadership, “the new management team at the Bank will do its best to tackle the impediments to liquidity in the foreign exchange market in Nigeria”.

Speaking specifically to the liquidity management, Cardoso said his team will devise a short-term goal that would address “structural issues within the financial system that gave rise to the liquidity challenge in the first instance”.

To achieve this, he said the CBN would “focus on strengthening its data-gathering system to ensure that only verifiable data will be relied upon for evidence-based decisions”.

According to him “the CBN would also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy”.

On the relationship between the monetary and fiscal authorities, the CBN Governor said there would continue to be consensus between both authorities to harmonise their positions on the interest rate and inflation.

He, however, said the Bank would remain open to different views in its push for greater transparency.

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